Press release
Air Transport USM Global Market Size, Revenue, Growth, Industry Insights, Regional Analysis and Forecast Till 2033 | Boeing Company, Delta Air Lines, Triumph Group, VSE Aviation Inc., GA Telesis LLC
Air Transport USM Global Market
The Business Research Company offers in-depth market insights through Air Transport USM Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The air transport USM market size has grown strongly in recent years. It will grow from $5.34 billion in 2023 to $5.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth in the historic period can be attributed to aging aircraft fleet, cost-efficiency in aviation operations, stringent regulatory standards, global air travel growth, sustainability initiatives.
The air transport USM market size is expected to see strong growth in the next few years. It will grow to $7.23 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to rising demand for aircraft maintenance, expansion of low-cost airlines, circular economy in aviation, market expansion in emerging regions, resilience in post-pandemic recovery. Major trends in the forecast period include on-demand USM marketplaces, artificial intelligence (AI) for inventory optimization, remote diagnostics and maintenance support, emphasis on regulatory compliance, collaboration and partnerships for USM solutions.
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Market Segmentation:
The air transport USM market covered in this report is segmented -
1) By Product Type: Engine, Components, Airframe
2) By Aircraft Type: Narrow-Body Aircraft, Wide-Body Aircraft, Turboprop Aircraft, Regional Aircraft
3) By Application: Original Equipment Manufacturer (OEM), Aftermarket
Major Driver - Soaring Air Passenger Numbers Fueling Growth In The Air Transport USM Market
The rise in the number of air passengers is expected to propel the air transport USM market. An air passenger refers to a person or business involved primarily in the transportation of people by aircraft in interstate commerce. As air traffic grows, it becomes more important to maintain aircraft through repairs and component rebuilds regularly. For instance, in March 2022, the International Air Transport Association (IATA), a Canada-based association that supports airline activity, projects that there will be 4.0 billion passengers worldwide in 2024 (including multi-sector connecting flights as one passenger), reaching pre-COVID-19 levels. The total number of travelers in 2021, and in 2022, 83% are anticipated, followed by 94% in 2023, 103% in 2024, and 111% in 2025. Therefore, the increase in the number of air passengers is driving the growth of the air transport USM market.
Competitive Landscape:
Major companies operating in the air transport USM market report are HNA Group Co. Ltd., Raytheon Technologies Corporation, Boeing Company, Delta Air Lines, Singapore Technologies Engineering Ltd., Fanuc Corp., Lufthansa Technik AG, MTU Aero Engines AG, AirLiance Materials LLC, HEICO Corporation, Triumph Group, VSE Aviation Inc., GA Telesis LLC, Aviation Technical Services Inc., AerSale Inc., Unical Aviation Inc., AJW Group, Magnetic Group, TurbineAero Inc., Precision Aircraft Solutions, AAR Corporation, TES Aviation Group, A J Walter Aviation Limited, Liebherr Group, Air France Industries and KLM Engineering & Maintenance, Satair Inc., Wencor Group, WABNET GmbH, Aircraft Inventory, Avtrade Ltd.
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Top Trend - L3Harris Technologies Launches Skyparts Global Elevating The Air Transport USM Market
Major companies operating in the air transport USM market are focused on introducing advanced solutions, such as used serviceable material (USM) businesses, to gain a competitive edge in the market. Used serviceable material (USM) businesses are high-quality, Original equipment manufacturer (OEM)-reliable parts and out-of-production aerospace equipment that are available for use in the aviation industry. For instance, in October 2023, L3Harris Technologies Inc., a US-based aerospace and defense company, launched SkyParts Global. SkyParts Global is a used-serviceable material (USM) business that offers direct access to aerospace equipment. It provides usable material for traffic collision avoidance systems, recorder, and transponder components for business aviation, air transport, helicopters, and general aviation aircraft. It leverages Original equipment manufacturer (OEM) capabilities to address specific part requirements and provide engineering support.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Air Transport USM Market Characteristics
3. Air Transport USM Market Trends And Strategies
4. Air Transport USM Market - Macro Economic Scenario
5. Air Transport USM Market Size And Growth
…..
27. Air Transport USM Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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